Wheat is showing mixed trade on Thursday morning, with the hard red contracts the strongest. The wheat market held onto some gains on the Wednesday session with spring wheat leading the charge. Chicago SRW futures were up 1 to 2 cents at the close. Kansas City HRW contracts are were firmer, with just fractional gains on the day. Minneapolis spring wheat futures were the bull leaders thanks to the weaker conditions, up 5 to 7 cents at the final bell. 

Late on Wednesday, a Federal trade court ruled that President Trump’s liberation day tariffs were illegal, and he has exceeded his authority. The court gave the President 10 days to complete a process of halting the tariffs, while the white house is appealing the ruling. 

Weekly Crop Progress data tallied showed initial spring wheat ratings at 45% good/excellent, with a 326 on the Brugler500 index and the poorest start to ratings since 1988. The crop in ND was at 307, with MN at 385. Winter wheat conditions were down 2% at 50%, with the Brugler500 index at 332, down 4 from the week prior. Of the 18 major states, NE saw the largest drop in ratings at 28 points to 240, with OK also down 18 points and TX falling 13 points. Notable improvement was in CO (+14), SD (+8), NC (+7), and IN (+6).

SovEcon estimates the Russian wheat exports for 2025/26 will total 40.8 MMT, a 1.1 MMT increase from their previous number.

Jul 25 CBOT Wheat  closed at $5.30 1/4, up 1 3/4 cents, currently down 3/4 cent

Sep 25 CBOT Wheat  closed at $5.45 1/2, up 1 1/4 cents, currently down 3/4 cent

Jul 25 KCBT Wheat  closed at $5.25 1/4, up 3/4 cent, currently up 1/4 cent

Sep 25 KCBT Wheat  closed at $5.39 1/2, unch, currently up 1/4 cent

Jul 25 MGEX Wheat  closed at $6.03 1/4, up 7 cents, currently up 1 ½ cents

Sep 25 MGEX Wheat  closed at $6.14 1/2, up 5 1/4 cents, currently up 3 1/4 cents